The New York Homestead Exemption Amount

Under the New York exemption system, the homestead exemption amount varies depending on the county in which the property is situated.

The exemption amount is $165,550 if the property is in the counties
of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland,
Westchester, or Putnam.

The exemption amount is $137,950 if the property is in the counties of Dutchess, Albany, Columbia, Orange, Saratoga or Ulster.

The exemption amount is $82,775 if the property is in any other county in the state.

The exemption covers your interest in a house, a condo, a co-op, or a mobile home.

Doubling for Married Couples

New York allows married couples to double the homestead exemption,
allowing each spouse to claim the full amount on the property.
Therefore, a married couple can exempt up to $331,100, $275,900, or
$165,550, depending on the county.

The Scope of the New York Homestead Exemption

In New York, the homestead exemption applies to real property, including your home, condominium, co-op or mobile home.

Can You Use the Federal Bankruptcy Exemptions in New York?

In New York, you can use either the state exemption system or the federal bankruptcy exemption
system (but you can’t pick and choose different exemptions from each
system – you have to use all state exemptions or all federal
exemptions.)

The federal bankruptcy homestead exemption amount is $23,675. (This amount changes
every three years. For the most recent figure, see The Federal Bankruptcy Exemptions.) The
exemption may be used for homes, condos, co-ops, mobile homes, and
burial plots. Married couples may double this exemption. You can find
the federal bankruptcy homestead exemption at 11 U.S.C. §522(d)(1) and
(5).

Homestead Declarations

In New York, the
homestead exemption is automatic – you don’t have to file a homestead
declaration in order to claim the homestead exemption in bankruptcy.

Real Property Held as Tenancy by the Entirety in New York

If property is held as a tenancy in the entirety, it means the
property is jointly owned by a married couple as a single marital
entity, not as individuals. While New York recognizes tenancy by the
entirety, the New York homestead exemption does not provide any
additional exemption for this type of estate.

Finding the New York Homestead Exemption Statute

New York's homestead
exemption is found in the New York state statutes at C.P.L.R. 5206. To
learn how to find state statutes, check out Nolo’s Laws and Legal Research area. The New York exemption statute can be found here.